Building a great small business takes strategy, hard work and effort to achieve. And what better way to be on the road to success then by receiving top tips from someone who has themselves developed a great small business? Discover the top ten tips to a great small business in this segment from an interview between Dale Beaumont and Libby Dedman.
Libby Dedman is the owner of Just Liberated hair salon and winner of The Award for Excellence in Retailing and The Global Salon Business Award.
What are your top tips for developing a great small business?
- First and foremost you must have a passion for what you do! Then you must get a policy and procedure manual written, explaining how you do business with your customers so when your business grows and you employ staff they know exactly what is expected. As the saying goes ‘when you get serious, get systems’, this helps with clarity about what, why and how you do things.
- Save 80 per cent and live on 20 per cent of your profits. It is a mistake that I have seen too many people make when they start out in business. It can be tough, but the ability to discipline yourself to do this separates the people who want to nurture a business from those who enjoy spending the profits.
- Don’t look down on any kind of work you are given, take pride in whatever it is you are doing. So if I am sweeping the floor in one of my salons I do it with enthusiasm and I do a great job. I would never ask a staff member to do a job that I haven’t done or wouldn’t do. This earns respect from your employees.
- Look for ways of doing ordinary things differently and in a better way. It’s the little improvements that make consistent and big impacts on the bottom line. I teach my team that the difference between ‘ordinary’ and ‘extraordinary’ is the little bit extra!
- Get involved in every community event, charity or school function you can. Yes, you will be busy, but it’s the cheapest form of advertising and you will gain respect immediately as your business is seen as contributing to your community.
- Form a focus group with some customers and survey them at least every 12 months to see how they like doing business with you. Do it yourself but be very professional, or better still, employ a specialist in this area to help you and use it as your business plan for the next year. It will ensure that you save money on things that customers don’t necessarily want or find important. It is a good idea to involve your team in this.
- Communicate with your staff and involve them in business-building decisions. I have always lived by this saying as well, ‘Don’t blame them, train them’, then thank them!
For more of this interview and information on Secrets of Small Business Owners Exposed!
